Rent, population, and median household income are important factors to consider for a 1031 exchange in Tempe due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Tempe, Arizona is a part of the North Tempe Submarket submarket area, and contains 7 zip codes, including: 85287, 85285, 85280, 85281, 85283, and 85284.
Tempe Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Tempe, AZ submarket area was $1,270, which is 39.56% lower than 2014 average rent. This represents a compounded annual growth rate of 6.89%. 2019 vacancy in Tempe, AZ was 6.90%.
The total population of the city of Tempe, AZ has grown 18.95% since 2010. As of 2018, the population was 192,364. The median household income of the Tempe was $54,210, which is -10.09% lower than the national average.
- submarket area North Tempe Submarket
- avg rent $1,270
- rent growth 39.56%
- vacancy 6.90%
- median income $54,210
- population (2018) 192,364
- population growth 18.95%
- vs. nat'l avg -10.09%
- zip codes 85280 85281 85282 85283 85284 85285 85287
